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Welcome to the Agile

Retirement Range

Agile gives you the perfect balance of investment returns and certainty.

When it comes to your retirement income, we know you want answers, not estimates. That’s why we’ve designed the Agile Retirement Range, which lets you know today, exactly what your income will be in retirement – regardless of how the markets change. Agile allows you to split your investment between the Exact Income Fund, and other investment portfolios geared towards growth. The Exact Income Fund can tell you today what you’ll retire on years from now, ensuring you a guaranteed income on retirement. On your portfolios geared towards growth, you can select the optional High-Water Mark Guarantee to protect you against stormy markets.

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How the Agile

Retirement Range works

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Benefits of the

Fund explained

The Agile Retirement Range gives you the best balance between income certainty and investment growth.

Exact Income Fund

This gives you a certain level of guaranteed retirement income, when you invest.

High-Water Mark Guarantee

This guarantee lets you invest to maximize growth, while knowing that you are protected.

Customised Retirement Planning

Split your investment between the Exact Income Fund and other portfolios with the optional High-Water Mark Guarantee.

Flexible Payment Methods

Invest through regular debit orders, lump sum investments, or a combination of both. You can also stop and restart your investments at any time at no cost.

Tax Benefits

The Agile Retirement Range provides you with a number of tax benefits, regardless of whether you’re invested in the Retirement Annuity, Pension Preserver, or Provident Preserver.

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Exact Income

Fund explained

The Exact Income Fund is the only retirement portfolio that can guarantee exactly what your monthly retirement income will be today – regardless of what the markets do.

For Example

This means that had you planned your retirement in 2002 in order to retire in 2005, you may have received only half of what you were expecting.

The Exact Income Fund is able to guarantee a portion of your retirement income today, no matter how the markets change. This gives you a yardstick with which to track your retirement goals, and lets you establish a solid foundation for your monthly retirement income. With this in place, you can take advantage of growth opportunities in your other investment portfolios offering the High-Water Mark Guarantee.

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Benefits of the

Exact Income Fund

The Exact Income Fund is a one-of-a-kind portfolio that guarantees exactly what your income will be on retirement, from the moment you invest.

Guaranteed Income

You’ll know today exactly what you’ll retire with, when you do.

Lasting Retirement Income

You can ensure that you’ll be provided for, well into your 70s, 80s, 90s, and beyond.

Keep up with Rising Costs

By regularly reviewing and adjusting your investments, you can manage inflation.

Manage Market Uncertainty

Guard against the effects of economic, social, or political events that could negatively affect your retirement.

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High-Water

Mark Guarantee

WHAT IS THE HIGH-WATER MARK GUARANTEE?

You can choose to secure your investment in the Agile Retirement Range even further by taking the optional High-Water Mark Guarantee. The High-Water Mark Guarantee secures your investments in the portfolios geared towards growth. Investing more aggressively exposes you to the possibility of better returns and also higher risks.

The High-Water Mark Guarantee will help protect you against these risks, as it secures your investment at 80% of its initial value. This value increases quarterly, based on the aggregate return earned on your investment, calculated over 3 months. This means your investment will never lose more than 20% of its value, regardless of how the markets change.

The High-Water Mark Guarantee gives you additional peace of mind, allowing you to invest more aggressively. Remember that the guarantee is only available on the portion of your investment that is not invested in the Exact Income Fund.

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High-Water Mark

Guarantee Explained

HOW DOES THE HIGH-WATER MARK GUARANTEE WORK?

The guarantee hedges against loss, by initially preserving 80% of your investment value. Your guarantee value is adjusted quarterly, based on aggregate returns over 3 months. This means that when the markets face a downturn, Liberty will carry the risk of your investment value dropping below 80%. At the end of the fifth year, if your investment is below the guaranteed level, Liberty will pay the difference into your investment. Conversely, if your investment does very well, your guaranteed level will increase, and should your investment outperform the Target Return, Liberty will share in the growth. This is called growth sharing.

Please note that the guarantee is decreased proportionally for any unit deductions (e.g. fees and legislative withdrawals) from the portfolio.

WHAT HAPPENS AT THE END OF THE GUARANTEE TERM?

Your guarantee can automatically roll over into a new guarantee period, or you can choose to cancel the guarantee. Liberty also reserves the right to no longer offer guarantees at this point.

Example 1

Terry has an initial investment amount of R100 000. He has chosen the High-Water Mark Guarantee. His initial amount is guaranteed at 80%, or R80 000. After 3 months, his investment has increased in value by 10%, making the investment worth R110 000. The amount he is guaranteed will also increase by 10%. His new guarantee level is now R88 000.

Example 2

After another 3 months, Terry’s investment has decreased in value by 30%, making the investment worth R77 000. This is below his guarantee level of R88 000 from Example 1. If his investment does not recover before the end of the guarantee period, the High-Water Mark Guarantee will top up his investment from R77 000 to R88 000.

Example 3

Terry has an initial investment amount of R100 000. He has chosen the High-Water Mark Guarantee. The Target Return is set at 13%. At the end of the first year, his investment has grown by 20%, making his value R120 000. This means his investment has outperformed the Target Return by 7% (the difference between his 20% growth and the 13% Target Return) or R7 000. Liberty will share in this R7 000.

*All values depicted in the examples above are used solely for illustrative purposes and are not guaranteed.

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Benefits of the

High-Water Mark

Guarantee

The High-Water Mark Guarantee is an optional feature that protects your lump sum investments in the portfolios geared for growth against extreme downturns in the market.

Guarantee your investment

Your investment is guaranteed at 80% of its initial value. This guaranteed value is increased every three months as quarterly returns reach a new high. This means that no matter how the markets fluctuate, your investment will retain 80% of its value.

Pursue more aggressive growth

You have the security of knowing your initial investment will retain a healthy portion of its value. This gives you the freedom to pursue more aggressive growth through a variety of portfolios.

Renew or cancel after 5 years

The guarantee term is 5 years, after which it can be automatically renewed, or cancelled at your discretion.

Top up payout

At the end of the 5 year guarantee term, you will be paid any top up that has accrued during this time. Top up will also take place in the event of the investor’s death during the term.

Exact Income Fund

Will guaranteeing my retirement income be expensive?

No. The Exact Income Fund has a built-in income guarantee included in the income purchased. You do not pay anything extra for this.

Your investments in some of the other investment portfolios offer traditional investment guarantees. If you select an investment portfolio and include an investment guarantee, an additional charge will apply. Speak to your financial adviser or broker regarding the options that are available to you.

When I retire, what happens to the money not invested in the Exact Income Fund?

If you are not 100% invested in the Exact Income Fund at retirement, you can then use the remaining portion of your investment to buy whatever annuity is available at the time. This annuity will be in addition to the annuity you receive via the Exact Income Fund. This second annuity is subject to the annuity rate being offered at the time.

When I retire, am I able to change the way my income is paid from the Exact Income Fund?

When you retire, the Exact Income Fund will pay you a guaranteed level of income in retirement. If you would like to make any changes to how your income is paid out, such as including your spouse or increasing the income you receive every year, you will have the option to convert your current annuity into another type of annuity. If you don‘t use your investment from the Exact Income Fund to buy a guaranteed income from Liberty, then you will need to go through the underwriting process. The word annuity refers to a regular income.

If you choose to receive your retirement income through another type of guaranteed income annuity from Liberty, the amount you will receive in income will be different. If you change the way the income is paid to you, the guarantee you have in the Exact Income Fund will also change to reflect this.

What if I change my retirement date?

If you want to change your selected retirement date, the guaranteed income provided by the Exact Income Fund will be adjusted accordingly based on market rates applicable at that time.

What happens if I exit or access my money in the Exact Income Fund earlier?

If you decide to exit the Exact Income Fund or access your money before the benefits become due to you, you will have to go through an underwriting process and we will need to adjust the value of your investment accordingly. You should also note that the investment value that you will receive when you exit could be significantly less or more than the amount you originally invested. Our guarantee to you is calculated based on your commitment to stay invested in the Exact Income Fund until the benefits become due to you in retirement. The investment value you receive is influenced by many factors, including:

The length of time your money is invested with us. Our initial guarantee is based on you remaining invested in the Exact Income Fund for the full term. If you decide to exit the Exact Income Fund before the benefits become due to you then we can no longer achieve the expected return we initially secured.

Interest rates may change from the time your investment was made (if interest rates drop on average, your value would increase; conversely, if interest rates rise on average, your value would decrease). How long we expect you to live to (the longer we expect you to live, the more your Exact Income Fund will be worth).

Is my retirement income guaranteed for life?

If people aren’t living significantly longer when you retire, then you will get the income you’ve built up in the Exact Income Fund for life from your elected retirement date. Things can change over time and in the unlikely event that the average 65-year old Liberty annuitant is expected to live past the age of 100 for men and 104 for women (currently 85 for men and 89 for women) when you retire, then the following income options will be made available to you:

You can delay your retirement by a year or two. We will let you know the new retirement age needed to ensure your original guaranteed income for life. You can retire at your selected retirement date and accept a slightly lower income payable for life.You can retire at your selected retirement date and keep the same level of income but the income will only be paid until the age of 100 for men and 104 for women, after which it will reduce.

You must remember that these adjustment options will only apply if there is an unexpected and dramatic improvement in life expectancy.

How often should I check the performance of my portfolios?

As with any investment, periodic reviews and regular monitoring are required to make sure the investment is still suitable to your needs. You should review your investment at least once a year.

How much is this going to cost me in administration fees?

The Exact Income Fund has no platform or portfolio fees. However, your investment in other portfolios will charge a platform fee of 0.3% per annum and the applicable portfolio management fee. Both fees are calculated as a percentage of the investment value and are deducted monthly.

How many times can I switch between portfolios?

Your investment in the Exact Income Fund can be switched to another portfolio. However you should approach this with caution. If you switch out before retirement then you will need to go through an underwriting process and will lose your guarantee on the monthly amount that is payable in retirement. It is better to gradually build up your investment in this portfolio over time, rather than switch in and out regularly. When it comes to the other portfolios that you have selected, you can switch between them whenever you want, at no cost.

How do I compare the Exact Income Fund to other portfolios?

To make it easy, we have calculated what we call an Equivalent Portfolio Return. This is the level of return another portfolio must give you to match the outcome of the Exact Income Fund. You will be able to use the Equivalent Portfolio Return to compare the returns of the Exact Income Fund with other investment portfolios. When investing in other investment portfolios, markets and interest rates fluctuate and may, or may not, move in your favour. This will affect the monthly income that you will be able to purchase when you retire. With the Exact Income Fund, this uncertainty is removed.

There are two aspects that must be considered when doing a comparison with other investment portfolios using the Equivalent Portfolio Return:

Firstly, we guarantee your income in retirement today. Secondly, as it is not possible to predict what the annuity rates will be at your selected retirement date with confidence, we’ve assumed today’s annuity rates in calculating the Equivalent Portfolio Return.

Does the Exact Income Fund take inflation into account?

No. Inflation is one of the many things that will change during your life. That’s why having a retirement plan and reviewing it regularly is critically important. The income you’ll receive is the Rand amount you see today. You may regularly invest more into the Exact Income Fund, and by reviewing and adjusting your retirement investments periodically, you can ensure that you’re on track to meet your retirement goals. At retirement, you also have the option to change the way your income is paid to you. For example, you can choose to exchange your exact income for income that increases every year.

Agile Retirement Annuity

Will I be penalised for changing the amount I invest in my Agile Retirement Annuity?

You have total flexibility when investing. You can stop, start or invest extra at any time, and at no cost.

Who can take out an Agile Retirement Annuity?

Individuals who want to save for their retirement.

What is the minimum I can invest?

You can invest a minimum of R15 000 as a lump sum and / or at least R1 000 per month.

What happens when I retire?

As mentioned above, your investment in the Exact Income Fund will pay you a guaranteed level of income in retirement. This income is also subject to the applicable tax.

What happens to my investment should I pass away?

Currently, your retirement benefits do not fall into your estate. The Board of Management of the Fund has a legal duty to ensure that your dependants / beneficiaries receive all or a portion of the benefits according to legislative requirements. Your dependants / beneficiaries will receive the value of your investment in the Exact Income Fund and your other selected portfolios at that point in time.

What happens if I get divorced?

If you get divorced, Liberty will act in accordance with an enforceable order issued by the court. This may mean a portion of your retirement investments will be paid out to your ex-spouse. This may impact the amount of income you can draw in retirement and will have an impact on the guaranteed income in the Exact Income Fund.

What are the tax benefits for the Agile Retirement Annuity?

According to legislation, you can benefit from the following tax advantages: You can deduct your investments to your Retirement Annuity from your taxable income up to a specified limit. The investment returns earned in a Retirement Annuity are not currently taxed. At retirement, the lump sum benefit is tax-free up to a specified limit. However your retirement income is taxed as income. All limits referred to above are specified annually for the tax year.

Other investment portfolios

Your investment in the other investment portfolios allows you to take up to one third of your investment value as a lump sum subject to applicable tax. The remaining money must be used to buy an annuity for life.

If your investment comprises of any vested benefits* originally accrued from a provident fund or Provident Preservation Fund, the full annuity in relation to that vested benefit may be taken as a lump sum at retirement. Your ability to access any vested benefits will depend on legislation.

* Vested benefits are the investments you’ve made to any provident fund or Provident Preservation Fund prior to a specific date prescribed by legislation and on which there is no restriction on the proportion of the investment which may be taken as a lump sum at retirement.

Even if your company provides you with a pension or provident fund, this may not be enough to retire comfortably. You can use the Agile Retirement Annuity to supplement your retirement investments and get additional tax advantages. Agile’s Exact Income Fund creates a solid foundation for your monthly retirement income, allowing you to take advantage of other growth investment opportunities with the remaining portion of your investment.

How often can I invest?

You can add to your investment as often as you like.

Can I use my Agile Retirement Annuity as collateral?

No, you can’t.

Can I transfer ownership?

No, you can’t.

Can I phase in my investment?

Phasing in your investment means you have the option to pay a lump sum and request for Liberty to transfer this money into the market over a period of time. You will not be able to phase into the Exact Income Fund, however phasing your investment in your other portfolios is allowed.

Can I get tax deductions for amounts I invested?

Can I cancel my Agile Retirement Annuity?

No, you can’t. You can, however, transfer your Retirement Annuity to another approved Retirement Annuity fund. If you decide to transfer your Retirement Annuity, you may receive less than what you invested on day one. This is due to changes in the investment market, depending on when you decide to transfer your investment.

Can I access my benefit before retirement?

You may retire before the age of 55, if you can prove to the Board of Management of the Fund that your retirement is as a result of ill health. Legislation also allows certain withdrawals from the Fund before the age of 55. You may withdraw from the Fund if it is related to divorce, maintenance orders or emigration / expatriation or where the total investment value in the Fund is less than R7 000.

Agile Provident / Pension Preserver Fund

Who can take out an Agile Provident/Pension Fund Preserver?

Individuals who are transferring money from another approved pension or provident fund.

What is the minimum I can contribute?

You will need at least R150 000 on day one

What happens when I retire?

Provident Fund Preserver

Your investment in the Exact Income Fund will pay you a guaranteed level of income in retirement. Other investment portfolios. Your investment in your other investment portfolios will allow you to take all of your investment value as a taxable lump sum less any tax; or as a taxable annuity; or a combination of these two options.

Pension Fund Preserver

Similar to the Provident Preserver, your investment in the Exact Income Fund will pay you a guaranteed level of income in retirement.

Other investment portfolios

Your investment in the other investment portfolios will allow you to take up to one third of your investment value as a taxable lump sum. The remaining two thirds must be used to provide you with a taxable annuity for life.

If the provident or pension preserver investments have any vested benefits* originally accrued from another retirement fund, you will still have access to these benefits at retirement. How you will be able to access these benefits depends on legislation. If the Investment has non-vested benefits from another retirement fund, it will need to follow the normal rules of retirement. The right to access non-vested benefits depends on legislation.

* Vested benefits are the investments you’ve made to any provident fund or Provident Preservation Fund prior to a specific date prescribed by legislation and on which there is no restriction on the proportion of the investment which may be taken as a lump sum at retirement.

What happens to my investment should I pass away?

Currently, your retirement benefits do not fall into your estate. The Board of Management of the Fund has a legal duty to ensure that your dependants / beneficiaries receive all or a portion of the benefits according to legislative requirements. Your dependants / beneficiaries will receive the value of your investment in the Exact Income Fund and your other selected portfolios at that point in time.

What are the tax benefits of the Preservers?

The investment growth in the Preservers is currently tax-free.
At retirement, the lump sum benefit is tax-free up to a specified limit and the balance is subject to specific tax tables for lump sums on retirement. However your monthly income will be taxed at normal tax rates.

All legislative limits referred to above are specified annually for each tax year.

How often can I contribute?

You can invest an additional amount in the preserver funds as long as the money comes from the same pension fund or provident fund.

Can I transfer ownership of my investment?

No, you can’t.

Can I cancel the investment?

No, but you are allowed one withdrawal on all or a portion of your investment before age 55. This is subject to the withdrawal tax deduction. You will also be able to transfer to another approved retirement fund. If you decide to transfer your investment, you may receive less than what you invested on day one. This is due to changes in the investment market, depending on when you decide to transfer your investment.

Can I access my benefit before retirement?

You can take all or a portion as your one allowable withdrawal before age 55 subject to the tax per the specific tax tables for lump sum withdrawals from retirement funds.

You may also retire before the age of 55, if you can prove to the Board of Management of the Fund that your retirement is as a result of ill health. Legislation also allows certain withdrawals from the Fund before the age of 55, if the withdrawals are related to divorce or maintenance orders.

High-Water Mark Guarantee

When does the guarantee pay?

At the end of the 5 year guarantee period

On the death of the investor.

When does the guarantee not pay?

If you cancel the guarantee before the end of the guarantee period.

If you transfer your investment before the end of the guarantee period.

If you retire during the guarantee period.

What happens when the guarantee period ends and your investment rolls over to a new guarantee?

Any money invested during the initial guarantee period will also be guaranteed.

A new guarantee period will start.

The Target Return and growth sharing proportion will not change during your guarantee period.

What happens if you choose to stop the guarantee during its period?

Any growth sharing applicable up to that point will be deducted. If you choose to activate the High-Water Mark Guarantee again, the initial guarantee charge will be applicable again.

How much does the guarantee cost?

There is an initial once-off charge of 1% of the investment value. This applies when the guarantee is activated, and is deducted from the investment amount. At the start of each guarantee period, Liberty will confirm the guarantee charges that will apply for that period.

A portion of your growth above the Target Return is shared with Liberty. This amount is calculated at the end of every year.

How long is the guarantee period?

The guarantee term is 5 years from the date the guarantee is selected. After 5 years, the guarantee can automatically roll over into a new guarantee, at the terms available then.

Can I change my portfolios in the guarantee?

Yes, you can. The guarantee is not affected by any portfolio changes. However, new money invested during the guarantee term will not be included in the guarantee. When you roll over into a new guarantee at the end of the initial guarantee period, all money invested over that period will then be included.

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The information contained in this document does not constitute advice by Liberty. Any legal, technical, or product information contained in this document is subject to
change from time to time. Is there are any discrepancies between this document and the contractual terms or, where applicable, any fund rules, the latter will prevail. Past performance cannot be relied on as an indication of future performance. Investment performance will depend on the growth in the underlying assets, which will be influenced by inflation levels in the economy and prevailing market conditions. Any recommendations made must take into consideration your specific needs and unique circumstances. The Agile Retirement Range is underwritten by Liberty Group Ltd, a registered long-term insurer and authorised financial services provider (no. 2409)